Mikhail Kovrigin, Director of the International Payments Organization Department of the Central Bank of Russia, explained the situation in international money transfers with four proverbs and words: Wrote Internet version of RBC.
The first proverb that Kovrigin mentions in the context of a question about how Russian credit institutions will make payments in US dollars and euros is “neither spoken nor irrevocable”.
The second adage – “where to jump, where to type, where to sideways and where to crawl” – means that currently the international settlement mechanism is separate for each direction and depends, among other things, on jurisdiction.
Another proverb is, “Great opportunities happen to everyone, but most don’t even know they’ve encountered them.” According to the director of the regulatory department, the bank’s ability to organize foreign payments has become a competitive advantage, although previously such functionality was underestimated.
Kovrigin noted that, given the expansion of sanctions, the field of competition seems fairly new, but many have opportunities. “What is needed for this is the fourth proverb: “I always pull the load to myself so as not to groan while walking,” he said.
Central Bank press service in mid-February declaration creation of a new subdivision in the structure of the regulator – Department of International Settlements. It was headed by Kovrigin, who previously served as the director of the department for the strategic development of the financial market of the Bank of Russia.